A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of crude it bought, in a blow to Beijing’s moves to open up its oil market. Baota Petrochemical Group Co Ltd could not get letters of credit for two crude cargoes worth more than $50 million it bought from commodity merchants Vitol and Mercuria, two traders with direct knowledge of the transactions said. The oil arrived at China’s east coast but had to be resold or diverted, they said, causing concern about dealing with private entrants under Beijing’s ambitious plans to open up the sector to more competition. Asked about why it had not been able to get finance, Zheng Yi, a Baota company official, said: “We made adjustments (to our crude oil purchases) according to changes in the market.” […]